The market opened sharply lower on Thursday with the Nifty breaking 8500 ahead of expiry of March derivative contracts. The Sensex lost 211.54 points to 27900.29 and the Nifty declined 55.85 points to 8474.95.
09:19
Moneycontrol Bureau The market opened sharply lower on Thursday with the Nifty breaking 8500 ahead of expiry of March derivative contracts. The Sensex lost 211.54 points to 27900.29 and the Nifty declined 55.85 points to 8474.95.About 172 shares have advanced, 307 shares declined, and 103 shares are unchanged on the BSE.
The Indian rupee slipped in the early trade on Thursday. It has opened lower by 22 paise at 62.55 per dollar versus 62.33 Wednesday.
The US dollar slipped against major world currencies on weak economic data in the US but still held onto gains of more than 7 percent year-to-date.
Mohan Shenoi of Kotak Mahindra Bank said, "Markets are expecting a delayed start of the Fed rate hike cycle. This has stalled dollar rally against major currencies."
He further added, "Rupee has also gained against the dollar in the last one week. The rupee is expected to trade in a range of 62.20-62.50/dollar today."
In the US stocks plunged, closing more than 1 percent lower as investors weighed the impact of the strong dollar on the economy and the coming earnings season.
On the data front in the US, February's durable goods orders posted a decline, rather than the modest expected increase, under pressure from the strong dollar and weak global demand.
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